Income tax calculator 2011-12 India
We have a simplified and easy online income tax calculator 2011-12 as per the Income tax rules of India. This is applicable for finance year 2011-2012 and assessment year 2012-2013. Through this income tax calculator you can also calculate income tax for assessment year 2011-12 (income tax calculation for the Financial Year 2010-11).
Income tax calculator 2011-12
The online income tax calculator has the options for male, female, senior citizen and another category introduced this year senior senior citizens above the age of 80 years. The income tax calculator takes care of all the necessary calculations.
The following data is required from your end and filled in the adjacent calculator
Gross salary including bonus prerequisites etc.
Income tax exemptions under section 10, HRA, LTA, child education allowance etc.
Income tax exemptions under section 16, professional tax etc.
Income tax exemptions under Chapter 6A, up to Ts 100,000 this includes EPF, housing loan interest, tuition fee, ELSS etc.
Highlights of Income tax rates in budget 2011
Tax exempt limit for general tax payers ( males) increased to 1.8 lakhs from original 1.6 lakhs
Senior citizen age for senior citizen slab reduced to 60 years which was 65 years earlier. Senior citizen income tax slab now include people between 60 and 80 years. Tax exempt limit for senior citizen also increased to 2.5 lakhs from previous years 2.4 lakhs
A new category called “Very Senior citizen” added for people above 80 years which has much higher tax rebates.